S for IT concludes visit to San Francisco (with photo)
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At a breakfast meeting with a group of venture capitalists and angel investors, Mr Yang gave an update on opportunities for venture capitalists in Hong Kong, in particular the US$260 million Innovation and Technology Venture Fund (ITVF) proposed by the Hong Kong Special Administrative Region Government. He said that the ITVF is designed to bring in a market mechanism to co-invest with private venture capital funds on a matching basis in innovation and technology start-ups in Hong Kong. At the proposed investment ratio of 1:2, it is expected that the ITVF could attract about US$512 million in private investment from venture capital funds in the long run.
Mr Yang encouraged the venture capitalists to take part in the ITVF by contributing their investment wisdom, professional expertise and networking to the Hong Kong innovation and technology ecosystem.
The next stop was WeWork San Francisco, where Mr Yang gained a deeper understanding of the fast-growing industry of co-working spaces that is changing the way start-ups and smaller companies do business. WeWork has a strong global presence and has recently expanded to Hong Kong.
Having concluded the visit, Mr Yang departed San Francisco in the afternoon and will arrive in Hong Kong on Thursday evening (October 6).
Ends/Thursday, October 6, 2016
Issued at HKT 9:00
Issued at HKT 9:00
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